We have audited the accompanying standalone
financial statements of Balaji Phosphates Limited
(Formerly known as Balaji Phosphates Private Limited)
("the Company"), which comprises of Standalone
Balance Sheet as at March 31, 2025, the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement of
Changes in Equity and the Standalone Statement of Cash
Flows for the year then ended, and notes to the
standalone financial statements, including a summary of
material accounting policies and other explanatory
information.

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 (the Act)in the
manner so required and give a true and fair view in
conformity with the Indian Accounting Standards
prescribed under Section 133 of the Act read with
Companies (Indian Accounting Standards) Rules, 2015,
as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31st March 2025,its profit (including
other comprehensive income), changes in equity and its
cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the
Standards on Auditing (SAs) specified under Section
143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial
Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India
(ICAI) together with the ethical requirements that are
relevant to our audit of the standalone financial
statements under the provisions of the Act and the
Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these
requirements and the Code of Ethics.

We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significant in our
audit of the standalone financial statements of the
current period. These matters were addressed in the
context of our audit of the Standalone Financial
Statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters. We have determined that there are no
key audit matters to communicate in our report.

Information Other than the Standalone Financial
Statements and Auditor's report thereon

The Company's Board of Directors is responsible for the
preparation of other information. The Other
information comprises the information included in the
Management Discussion and Analysis, Board's Report
including Annexures to the Board report, Business
Responsibility and Sustainability Report, Corporate
Governance Report, but does not include the
consolidated financial statements, standalone financial
statements and our auditor's report thereon.

Our opinion on the standalone financial statements
does not cover the other information and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial
statements, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with the
standalone financial statements or our knowledge
obtained during the course of our audit or otherwise
appears to be materially misstated.

If, based on the work we have performed, we conclude
that there is a material misstatement of this other
information, we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and those charged
with Governance for the Standalone Financial
Statements

The Company's Board of Directors is responsible for the
matters stated in Section 134(5) of the Act with respect
to the preparation of these standalone financial

statements that give a true and fair view of the financial
position, financial performance (including other
comprehensive income), changes in equity and cash
flows of the Company in accordance with the accounting
principles generally accepted in India, including the
accounting Standards specified under Section 133 of the
Act.

This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of
the Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal
financial controls, that were operating effectively for
ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and
presentation of the standalone financial statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

In preparing the standalone financial statements, the
Management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using
the going concern basis of accounting unless
management either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to
do so.

The Board of Directors are also responsible for
overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance
about whether the standalone financial statements are
free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit
conducted in accordance with SAs will always detect a
material misstatement when it exists.

Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient
and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the
override of internal control.

• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the
circumstances. Under Section 143(3)(i) of the Act,
we are also responsible for expressing our opinion
on whether the Company has adequate internal
financial control system with reference to
standalone financial statements in place and the
operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies
used and the reasonableness of accounting
estimates and related disclosures made by the
management.

• Conclude on the appropriateness of Management's
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a
material uncertainty exists related to events or
conditions that may cast significant doubt on the
entity's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report
to the related disclosures in the standalone
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the
date of our auditor's report. However, future
events or conditions may cause the entity to cease
to continue as a going concern.

• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalonefinancial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

Materiality is the magnitude of misstatements in the
standalone financial statements that individually or in
aggregate makes it probable that the economic
decisions of a reasonably knowledgeable user of the
standalone financial statements may be influenced. We

consider quantitative materiality and qualitative factors
in (i) planning the scope pf our audit work and in
evaluating the results of our work and (ii) To evaluate
the effect of any identified misstatements in the
standalone financial statements.

We communicate with those charged with governance
regarding, among other matters, the planned scope and
timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a
statement that we have complied with relevant ethical
requirements regarding independence, and to
communicate with them all relationships and other
matters that may reasonably be thought to bear on our
independence, and where applicable, related
safeguards.

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditor's report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a
matter should not be communicated in our report
because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest
benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. Pursuant to the Companies (Auditor's Report)
Order, 2020 ("the Order" "CARO"), issued by the
Central Government of India in terms of sub¬
section (11) of Section 143 of the Act, we give in
the Annexure "A" a statement on the matters
specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report
that:

(a) We have sought and obtained all the
information and explanations which to the best
of our knowledge and belief were necessary for
the purposes of our audit.

(b) In our opinion, proper books of account as
required by law have been kept by the
Company so far as it appears from our
examination of those books and records.

(c) The Standalone Balance sheet, the Standalone
Statement of Profit & Loss (including other
comprehensive income), Standalone
Statement of Changes in Equity and the
Standalone Cash Flow Statement dealt with by
this Report are in agreement with the books of
account.

(d) In our opinion, the aforesaid standalone
financial statements comply with the
Accounting Standards specified under Section
133 of the Act, read with Companies (Indian
Accounting Standards) Rules, 2015, as
amended.

(e) On the basis of the written representation
received from the directors as on March 31,
2025 taken on records by the Board of
Directors, none of the directors are disqualified
as on March 31, 2025 from being appointed as
a Directors in terms of Section 164(2) of the
Act.

(f) With respect to the adequacy of the Internal
Financial Controls with reference to standalone
financial statements of the Company and the
operating effectiveness of such controls, refer
to our separate Report in Annexure "B".

(g) With respect to the other matters to be
included in the Auditor's Report in accordance
with the requirements of Section 197(16) of
the Act, as amended:

In our opinion and to the best of our
information and according to the explanations
given to us, the remuneration paid by the
Company to its directors during the year is in
accordance with the provisions of Section 197
of the Act.

(h) With respect to the matters to be included in
the Auditor's report in accordance with the
Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of
our information and according to the
explanations given to us:

i. The Company has disclosed the impact of
pending litigations, if any on its financial
performance in its standalone financial
statements. [Refer note no 37 to
standalone financial statements]

ii. The Company did not have any long-term
contracts including derivative contracts for

which there were any material foreseeable
losses.

iii. There has been no delay in transferring
amounts, required to be transferred, to the
Investor Education and Protection Fund by
the Company.

iv. (a) The management has represented

that, to the best of its knowledge and
belief, no funds have been advanced or
loaned or invested (either from
borrowed funds or share premium or
any other sources or kind of funds) by
the Company to or in any other person
or entity, including foreign entities
("Intermediaries"), with the
understanding, whether recorded in
writing or otherwise, that the
Intermediary shall, whether, directly or
indirectly lend or invest in other
persons or entities identified in any
manner whatsoever by or on behalf of
the Company ("Ultimate

Beneficiaries") or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;

(b) The management has represented,
that, to the best of its knowledge and
belief, no funds have been received by
the Company from any person or
entity, including foreign entities
("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the Company
shall, whether, directly or indirectly,
lend or invest in other persons or
entities identified in any manner

whatsoever by or on behalf of the
Funding Party ("Ultimate

Beneficiaries") or provide any
guarantee, security or the like on
behalf of the Ultimate Beneficiaries;
and

(c) Based on such audit procedures that
have been considered reasonable and
appropriate in the circumstances,
nothing has come to our notice that has
caused us to believe that the
representation under sub clause (i) and
(ii) of Rule 11(e) of The Companies
(Audit and Auditors) Rules, 2014, as
provided under (a) and (b) above,
contains any material misstatement.

vi. The Company has not declared or paid any
dividend during the financial year 2024-25.
Accordingly, reporting under Rule 11 (f) of
Companies (Audit and Auditors) Rules, 2014
is not applicable.

vii. Based on our examination, which included
test checks, the Company has used
accounting software for maintaining its books
of account, which has a feature of recording
audit trail (edit log) facility and the same has
operated throughout the year for all relevant
transactions recorded in the software.

Further, during the course of our audit we did
not come across any instance of audit trail
feature being tampered with and the audit
trail has been preserved by the Company as
per the statutory requirements for record
retention.

For Mishra Rajiv Kamal & Associates

Chartered Accountants

ICAI Firm registration No.: 006752C

Akshaya Kumar Sambharia

Partner

Place : Indore Membership No. 071628

Date July 07, 2025 UDIN: 25071628BMMKJT3945